As technology continues to improve, so does globalization. Globalization is defined as the global 'speedup of movement and exchanges'. Globalization is how all the parts of the world come together and collaborate. In the currently globalized world, most of the countries of the world are interconnected and share access to each other. With this comes global economy, worldwide communication and transport, cross-border trade in goods and services and other changes.
Globalization started when people started moving out of Africa to other places. This happened increasingly over time even in other countries until global integration took off in the 19th century; it then became a trend soon after. The constant evolution of technology then had its own impacts on globalization, enhancing its effects.
This is the existing political co-operation between various countries. It is the growth and expansion of the political system. Regional and global organizations such as the World Trade Organization (WTO), United Nations (UN) and the EU have been working to increase political globalization.
Refers to how information and ideas are easily shared to places across the globe. This involves use of social media and the internet. From movies and books, websites on the internet to messaging apps such as WhatsApp, Instagram or Line, globalization has become a part of our social lives.
Economic globalization is the opening of trade barriers leading to, as it's name suggests, the interconnection of economies. This happens through trade and resource exchange. It also implies that economies in different countries influence each other.
Trade
Multinational production
International finance
Exports of goods and services today has increased more than forty times over the last century. When people first began moving out to other regions, they did it partly to trade for items not available in their own country. For instance, some vegetation might only grow in certain areas making it unavailable in other places.
Multinational production (MP) is the production carried out by a company outside their country of origin. The concept is similar to trade but instead of going somewhere to get supplies, companies sell products to other countries for profit. Another difference is that it involves direct technological transfer through innovation across countries.
International finance, or international macroeconomics is the insight of monetary relations between several countries. International finance flows are common and are composed of liabilities and assets such as Foreign Direct Investment (FDI), securities and debts. Other than that, finance has a connection with global economy.
More job opportunities
Higher standard of living
Access to information
Access to markets and goods
Access to technology and innovation
Intercontinental communication
Free trade
Offshoring
Spread of disease
Reduced social safety
Bad for the environment because more resources are taken up.
More competition
Loss of cultural identity
Global communication is affected by the process of globalization. Global communication helps increases business opportunities, removes cultural barriers and devolop a global village.
Transportion boosts trades in goods and contributes to the global economy as a cluster of service sectors. It includes carriage by air, by railway and trucks and by sea.
Global banking provides financial services and products to corporate, governments and institutions worldwide.
Multinational corporation is a business oragnization whose activities are located in more than two countries.
Globalization has a major impact on food systems around the world. These changes in food systems affects the availability and the access to food through food productions, procurement and distribution systems and the food trade environment .
Globalization dramatically changed the way economies work. Trades, international investments ang migration have led to an increase of international division of labor.
The cultural dimension of globalization is the circulation and the sharing of ideas and meanings and values across countries.
Increased consumption leads to an increase in the production of goods which puts stress on the environment.
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By = Giselle, Audrey, Vareen, Felicia, Kristian